Mineral & Financial Investments jumped 11% after it said its flagship project in Portugal, Lagoa Salgada, was potentially in the running for US$190mln (£149mln) of UK export finance (UKEF).
Joint venture partner Ascendant Resources has received an expression of interest from the UK’s Export Credit Agency (ECA) for up to 70% of the pre-production costs.
Backing from the ECA would encourage Ascendant to source products and expertise from the UK, said the statement, though M&FI added it had received expressions of interest from three other parties.
Jacques Vaillancourt, M&FI’s chief executive, added: "We are very pleased with Ascendant's progress to possibly partner with UKEF to bring Lagoa Salgada into development.
"Whilst there can be no guarantee that this ECA will complete, we believe the support of the UK Government and UKEF is a testament to the attractiveness of the Lagoa Salgada project.”
M&FI currently has a 50% interest in the Lagoa Salgada project through its holding in Redcorp Empreendimentos Mineiros, with Ascendant holding the other 50%, which it can increase to 80%.